Title
Resolution authorizing the issuance and sale of up to $1,647,200 Taxable General Obligation Land Remediation Promissory Notes, Series 2006, and providing for other details and covenants with respect thereto.
Body
WHEREAS, the City of West Allis, Milwaukee County, Wisconsin (the "Municipality") or the Community Development Authority of the City of West Allis owns a parcel of land located at 1445 South 66th Street (former Pressed Steel Tank Co., Inc. facility) (the "Site"); and
WHEREAS, certain remediation work at the Site is necessary to meet the needs of the Municipality and the residents thereof, consisting of a project (the "Project") assigned Land Recycling Loan Program Project No. 5073-02 by the State of Wisconsin Department of Natural Resources (the "Department of Natural Resources"), and as described in the Department of Natural Resources approval letter for the Remedial Action Options Report for the Site under NR 724, of the Wisconsin Administrative Code; and
WHEREAS, under the provisions of Section 67.12(12) of the Wisconsin Statutes, any municipality (as defined in Section 67.01(5) of the Statutes) may, by action of its governing body, issue promissory notes as evidence of indebtedness for any public purpose (as defined in Section 67.04(1)(b) of the Statutes) which promissory notes are general obligations of the Municipality; and
WHEREAS, the Municipality deems it to be necessary, desirable and in its best interest to authorize and sell general obligation land remediation promissory notes of the Municipality, pursuant to the provisions of Section 67.12(12) of the Wisconsin Statutes, to pay the cost of the Project; and
WHEREAS, such notes are to be issued for purposes of Sections 281.59 and 281.60 of the Wisconsin Statutes; and
WHEREAS, the only outstanding general obligations of the Municipality are its General Obligation Promissory Notes, Series A, dated January 15, 1998; General Obligation Corporate Purpose Bonds, Series B, ...
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